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COMMUNITY ASSOCIATION MANAGEMENT SERVICES

Expert Guidance for Effective HOA Board Members and Community Success.

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financial services

Your Community’s Financial Well-Being is our Priority

CAMS skilled and knowledgeable accounting department can provide the trusted guidance your community requires to navigate your association’s financials.  

Budget Planning

CAMS will work with the board to prepare the association’s annual budget, setting forth projected revenues and expenses.

Operating and Reserve Funds 

  • Maintain operating and reserve funds in separate FDIC-insured accounts.  
  • Daily reconciliation of operating accounts.  
  • Monitor replacement reserve schedules; ensure funds are segregated from operational funds.  

Annual Federal Tax Returns and Audits 

CAMS will assist CPAs in preparing annual federal and state non-profit corporation tax returns and an annual audit for the association.  

Accounts Payable

We perform regular property inspections (per the contract between CAMS and the association) to ensure compliance with community standards and fair treatment of owners.

  • CAMS offers highly secure payment methods for service providers.  
  • Verifies that service providers have current W-9s and COIs in place.  
  • CAMS will prepare, distribute, and submit 1099s and 1096s for service providers. 

Accounts Receivable 

  • Billing and Collections: CAMS manages owner accounts, charges assessments per the budget and governing documents, applies late fees/interest, and processes payments. We follow the association's collections policy and coordinate with attorneys on board-approved actions like liens, lawsuits, or foreclosures.
  • Payment options: Assessments can be paid by auto-draft, eCheck, credit or debit card, bank bill pay, or by paper check. 
  • Resales: CAMS will communicate with closing attorneys and other professionals to collect fees and outstanding balances owed to the association based on the association's governing documents. 

Monthly Financial Production

  • Material variance report  
  • Cash disbursement report  
  • AP & AR aging report  
  • Reconciled bank statements and investment accounts  
  • Balance sheet  
  • Statement of revenues and expenses  
  • General ledger report  
  • Collections report 
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Interested in learning more?

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We look forward to partnering with you to enhance your community’s success!